DA Davidson Weighs in on CVB Financial Corp.’s Q2 2024 Earnings (NASDAQ:CVBF)

CVB Financial Corp. (NASDAQ:CVBF) – Stock analysts at DA Davidson issued their Q2 2024 EPS estimates for CVB Financial in a research report issued on Friday, April 26th. DA Davidson analyst G. Tenner forecasts that the financial services provider will post earnings per share of $0.34 for the quarter. The consensus estimate for CVB Financial’s current full-year earnings is $1.41 per share. DA Davidson also issued estimates for CVB Financial’s FY2024 earnings at $1.40 EPS.

CVB Financial (NASDAQ:CVBF) last released its earnings results on Wednesday, April 24th. The financial services provider reported $0.35 earnings per share for the quarter, meeting the consensus estimate of $0.35. CVB Financial had a net margin of 30.93% and a return on equity of 10.84%. The business had revenue of $126.57 million during the quarter, compared to analysts’ expectations of $127.46 million. During the same period last year, the business earned $0.42 earnings per share. The firm’s revenue was down 8.9% on a year-over-year basis.

Several other equities research analysts also recently issued reports on the company. Stephens reaffirmed an “equal weight” rating and set a $20.00 price target on shares of CVB Financial in a report on Thursday, April 25th. Hovde Group downgraded CVB Financial from an “outperform” rating to a “market perform” rating and set a $18.00 target price for the company. in a report on Monday, April 22nd. Keefe, Bruyette & Woods dropped their target price on CVB Financial from $20.00 to $19.00 and set a “market perform” rating for the company in a report on Friday. Wedbush reissued a “neutral” rating and set a $19.00 target price on shares of CVB Financial in a report on Thursday, April 25th. Finally, StockNews.com raised CVB Financial to a “sell” rating in a report on Friday, January 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, CVB Financial has a consensus rating of “Hold” and an average price target of $19.00.

CVB Financial Trading Down 0.1 %

NASDAQ:CVBF opened at $16.46 on Monday. The firm has a fifty day simple moving average of $16.96 and a 200 day simple moving average of $17.72. CVB Financial has a 1-year low of $10.66 and a 1-year high of $21.77. The stock has a market capitalization of $2.30 billion, a PE ratio of 10.83 and a beta of 0.46.

CVB Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Wednesday, April 3rd were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.86%. The ex-dividend date of this dividend was Tuesday, April 2nd. CVB Financial’s dividend payout ratio (DPR) is presently 52.63%.

Insider Activity at CVB Financial

In related news, Director George A. Borba, Jr. purchased 59,601 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was acquired at an average price of $16.78 per share, with a total value of $1,000,104.78. Following the completion of the purchase, the director now directly owns 626,311 shares in the company, valued at $10,509,498.58. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other CVB Financial news, CFO E Allen Nicholson bought 2,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were purchased at an average price of $16.77 per share, for a total transaction of $33,540.00. Following the completion of the transaction, the chief financial officer now directly owns 92,310 shares in the company, valued at approximately $1,548,038.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director George A. Borba, Jr. bought 59,601 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was acquired at an average price of $16.78 per share, for a total transaction of $1,000,104.78. Following the transaction, the director now owns 626,311 shares of the company’s stock, valued at $10,509,498.58. The disclosure for this purchase can be found here. Insiders purchased a total of 63,601 shares of company stock valued at $1,067,145 over the last quarter. 6.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Raymond James & Associates grew its holdings in shares of CVB Financial by 102.3% during the third quarter. Raymond James & Associates now owns 34,744 shares of the financial services provider’s stock worth $576,000 after purchasing an additional 17,566 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of CVB Financial by 9.6% during the third quarter. Bank of New York Mellon Corp now owns 2,094,313 shares of the financial services provider’s stock worth $34,703,000 after purchasing an additional 183,583 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of CVB Financial by 5.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,924 shares of the financial services provider’s stock worth $1,192,000 after purchasing an additional 4,039 shares during the last quarter. Yousif Capital Management LLC grew its holdings in shares of CVB Financial by 6.1% during the third quarter. Yousif Capital Management LLC now owns 66,617 shares of the financial services provider’s stock worth $1,104,000 after purchasing an additional 3,841 shares during the last quarter. Finally, Nwam LLC bought a new stake in shares of CVB Financial during the third quarter worth about $207,000. Institutional investors own 74.18% of the company’s stock.

CVB Financial Company Profile

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.